https://www.taxtmi.com/highlights?id=77492 Violation of the provisions of Sections 269SS and 269T - scope of the term "loan" and "deposit" - Penalty u/s 271D and 271E - amount received on account of share application money and repayment - The High court observed that share application money is for participation in the capital of the company and is neither repayable after notice nor after a period. - The High court ruled that share application money does not constitute a loan or deposit as defined in the Act. Hence, the provisions of Sections 269SS and 269T do not apply, and no penalties under Sections 271D and 271E can be imposed. en-us Thu, 16 May 2024 08:22:42 +0530 Thu, 16 May 2024 20:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77492 Violation of the provisions of Sections 269SS and 269T - scope of the term "loan" and "deposit" - Penalty u/s 271D and 271E - amount received on account of share application money and repayment - The High court observed that share application money is for participation in the capital of the company and is neither repayable after notice nor after a period. - The High court ruled that share application money does not constitute a loan or deposit as defined in the Act. Hence, the provisions of Sections 269SS and 269T do not apply, and no penalties under Sections 271D and 271E can be imposed. Highlights Income Tax Thu, 16 May 2024 08:22:42 +0530 https://www.taxtmi.com/highlights?id=77492